what announcements due, page-16

The directors have continually failed to get a cash flow generating asset. as such they have continually diluted the share register to a point its 400% more shares than they started with. On two occasions the company has not only placed shares but issued free option with them. They had to issue free option because they couldn't generate the interest in the company for people to buy outright.

The directors knew full well they would also benefit and recieved free options and a discounted issue price in the placements/rights issues. Their stake has been ever increasing yet the rest of shareholers has been decreasing due to dilution.

They caused these placements, they recieved FREE options. had they done their job from day one they would have a cash flow generating project and no need for so many discounted placements.


I also point you to an interesting find in the 2003 annual report.
Wilmaka (pursell's private company) charged JRV $100k for the provision of "mining and financial services". Being the director you think this is his role anyway???

but he puts it through another company and siphons more dollars out of JRV.
ironically he then loans the company 50k from wilmaka and a further 200k from himself at 10% interest.
is this the financial service Wilmaka supplied??

i read it that in reality Wilmaka charged JRV $100k for it to source loans for JRV. The loans came from Pursell, and Wilmaka (Pursell). and ontop pursell and Wilmaka charged 10% interest. Other loans also came from other directors at 10%.

Talk about one for the boys!

Weren't official interest rates around 5% in 2003 ????

So they charge inflated interest rates amd then charge 100k to find those loans from... themsleves??
talk about MAJOR conflicts of interest...


hey pursell if you need another loan i'll provide on the same terms mate!


DYOR.